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Add to Preferred SourcesKfW IPEX-Bank is involved in financing a modern and highly efficient 1,800 MW combined cycle power plant in the emirate of Sharjah in the United Arab Emirates.
The total investment volume is approximately USD 1 billion, with KfW IPEX-Bank’s contribution standing at USD 132 million.
The combined cycle power plant will be fueled by natural gas obtained from LNG and is designed to meet the rising energy demand in Sharjah and reduce the emirate’s dependence on electricity imports. In addition, the new power plant will contribute to the modernisation of the emirate’s power supply as it will also replace older oil-fired power plants.
“This financing enables us to support our core customer, Sumitomo, whom we have known for many years as a purchaser of German and European equipment”, said Markus Scheer, member of the KfW IPEX-Bank Management Board responsible for the sector department Power, Renewables and Water. “At the same time, we are expanding our expertise in financing highly modern, efficient conventional power plants to ensure a stable and reliable power supply – a critical part of a successful energy transition.”
With this financing, KfW IPEX-Bank is positioning itself in the GCC project finance market as an institution that finances power infrastructure and, at the same time, is contributing to environmental protection and climate change mitigation.
Original source: KfW
Published on 25 June 2019